Govt clears 17 FDI proposals of 284 cr

Govt clears 17 FDI proposals of 284 cr

New Delhi, 5 September The government today cleared 17 FDI proposals involving a total investment inflow of 284.76 crore, including that of a group firm of French banking major Societe Generale for undertaking financial services.

The French firm, Sogeparticipations, plans to set up a wholly-owned subsidiary for providing financial services and the proposal would bring 205.8 crore of foreign direct investment into the country. The subsidiary plans to undertake portfolio management and investment advisory services.

However, the company would have to meet the conditions of Press Note 1, as per which it must secure approval of Societe Generale’s existing joint venture with State Bank of India that provides asset management services.

The proposals, approved by Finance Minister P Chidambaram on recommendations of Foreign Investment Promotion Board, also include a joint venture by Arvind Mills and Neitherland-based lifestyle company Diesel Fashion for selling Diesel’s garments and accessories in the country. This proposal will bring in 5.10 crore of foreign investment, an official statement said.

Another proposal that has been cleared is of Dutch advertising firm Publicis Group to acquire Capital Advertising Private Ltd, which will bring in FDI of 0.03 crore.

Delhi-based JTEKT Sona Automotive India Ltd’s proposal to set up a joint venture with a foreign equity of 51% from JTEKT Corporation of Japan was also approved. It would make and sell Column Type Electric Power Steering Systems.

Proposals by two foreign firms New Vernon Pvt Equity and Passport Global Master Fund SPC Ltd of British Virgin Islands picking up 5 per cent stake each in Delhi Stock Exchange for a total of 21.22 crore were also cleared. With this, DSE will have FDI of 25 per cent of so far.